Orocobre Ltd Ongoing positive sentiment
Ongoing positive sentiment:Orocobre Ltd (ASX: ORE) stock rose over 4.9% on June 02, 2017 leading to a total rally of over 21% in the last four weeks. Moreover, the improving sentiment for lithium also partly boosted the stock. The lithium-ion battery application mix is transitioning from being dominated by consumer electrics to new energy vehicle applications. Meanwhile, ORE recently has provided an update on the receipt of VAT and release of additional cash security deposits in Australia, which back Sales de Jujuy S.A.’s (SDJ) Argentine working capital facility. Approximately US$2.7M of additional VAT refunds have recently been received by SDJ and approximately US$19.8M of VAT refunds have been received by SDJ to date taking into account VAT received recently. Further claims of ~US$3.5M relating to February and March 2017 have been submitted to the Argentine authorities and the total outstanding VAT balance from project construction yet to be claimed by SDJ stands at ~US$15.7M on a pre-discounted basis. Additionally, the balance of security yet to be released to ORE for the Standby Letters of Credit is expected to be received by December 2017.
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